Every feature film requires a significant investment in equipment, whether purchased to own or rented. Some productions have invested millions of dollars into the cameras, lighting, and rights that make a film possible.
Studios must buy comprehensive insurance for feature film production, including equipment to protect this investment.
Unlock the secrets to effectively insuring your feature film equipment, ensuring every cinematographer, equipment manager, and producer can protect their valuable assets against unforeseen events.
The Importance of Insurance for Feature Film Equipment
Film equipment damage is a when, not an if, for production studios. Whether it’s theft, equipment damage, or loss during a shoot, teams can expect to repair or replace items throughout their work.
For instance, in Atlanta alone, more than a million dollars in equipment was stolen in 2021-22—and this is just one city in one state.
Without insurance, production studios are responsible for any costs associated with theft or damage to their equipment.
Even large, multi-production studios can find themselves in financial trouble if they pay thousands or millions in losses out of pocket. However, insurance protection can cover these expenses so production can continue on schedule.
Types of Insurance Policies for Film Equipment
Multiple types of insurance are available to protect a film studio from the costs of damaged or stolen equipment. These include:
Covering Inland Marine Equipment Transportation
Film equipment is not exposed to damage only when actively used. It can be stolen or broken at temporary locations or while being transported to a set. Inland marine insurance secures property against these risks in transit.
Covering Sound and Lighting Film Equipment
Equipment insurance directly covers many tools necessary to complete a film. Sound, lighting, video, and more can all be included, but be sure to review the policy to see what is and is not covered.
An insurance agency can often provide additional protection or riders if you have a specialized tool of concern.
Covering Film Business Interruption
While not directly related to the equipment, business interruption insurance complements equipment coverage. Suppose someone steals the cameras before a shoot, and the production must be delayed until replacements have been secured.
In that case, business interruption insurance can cover the cost of extending production.
How to Choose the Right Insurance for Your Film Equipment
No matter which policies you deem necessary for your production, you must consider who supplies them carefully. The best option is to partner with an insurance agency focusing on the film and entertainment industry.
This niche experience gives them the knowledge to offer more personalized guidance because they understand common pitfalls and oversights that a broader-spectrum insurer may not.
Similarly, select a responsive partner that simplifies the claim process. Productions are always on the go, and if your equipment is stolen at 11 pm on a Saturday, you’ll want to be able to file a claim immediately instead of waiting for business hours on Monday morning.
Insurers that offer an online portal to upload claim documentation facilitate this process over an agency that handles all of its claims intake over the phone or via email.
Reporting Claims: What to Do When the Unforeseen Occurs
Even the best-laid plans can go awry, and film studios rarely anticipate their equipment being damaged or stolen. The first step after a covered event is to collect as much evidence as possible, including when and where the event occurred and what was damaged or lost.
Next, collect details about the affected items. How much were they worth? Were they under warranty? Original invoicing or receipts can be irreplaceable here.
Once you have gathered this information, speak to the insurance agency managing your policy. If you select a high-quality partner, you can upload your information into their system rather than calling them and faxing it over.
From there, be sure to remain responsive. Your insurance agent may need to reach out for further details or clarifying information. Supplying multiple contact methods, including a phone number and email address, is best. If your insurer uses an online portal, check it regularly.
Protect Your Film Equipment With MFE Film Insurance
Film studios have a lot to consider when managing a feature film’s many working parts. However, among all this hustle and bustle, don’t forget the essential role of insurance in feature film production.
The experts at MFE Insurance work closely with studios throughout the entertainment and film industry to provide customized insurance offerings to keep their equipment secure.
Contact MFE Insurance to safeguard your equipment with tailored insurance solutions.